sebi:ORDER/AK/AS/2022-23/22132-22139
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Facts / Headnote
SCN dated July 21, 2022 disposed of without imposition of monetary penalty
Provisions invoked
- s. 19
- s. 15H
- s. 15J
- s. 11(2)
Regulations
- Reg. 11
- Reg. 10
- Reg. 14(1)
- Reg. 44
- Reg. 11(2)
- Reg. 32
Parties
- B.K. Narula HUF
- Rita Narula
- M/s Srinidhi Infra Pvt Ltd (earlier known as Solar Renewable Urja Pvt Ltd)
- M/s Sukarna Finance Ltd
- B.K. Narula
- Sidhi Narula
- Xtreme Retails Limited (Earlier known as B.K. Overseas Ltd)
- Ridhi Narula
Holding
The Adjudicating Officer held the 45-day period ran from the date of the WTM Order dated May 13, 2015, so the July 06, 2015 public announcement was 8 days late, but disposed of the SCN dated July 21, 2022 without imposing any monetary penalty.
Full text
Adjudication Order in respect of eight entities in the matter of Orosil Smiths India Ltd Page 2 of 12 S No Name of Noticee 8 Ridhi Narula (PAN-ACKPN7385D) Address: M 15, Green Park Main, New Delhi-110016 Email: ridhin@hotmail.com, bknarula@silversmithindia.com, ridhi_n82@yahoo.com
Adjudication Order in respect of eight entities in the matter of Orosil Smiths India Ltd Page 3 of 12 thereunder by the Noticees, SEBI, in exercise of powers u/s 15-I of the SEBI Act and Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as the “Adjudication Rules”), r/w section 19 of the SEBI Act appointed Ms. Geetha G., as the Adjudicating Officer (hereinafter referred to as the “AO”), vide order dated March 24, 2022. Pursuant to transfer of Ms. Geetha G., SEBI appointed undersigned as AO, vide order dated August 29, 2022.
Adjudication Order in respect of eight entities in the matter of Orosil Smiths India Ltd Page 4 of 12 the acquisition by B.K. Narula HUF (Noticee No: 1) on June 06, 2009 resulted in breach of said limit of 5%, triggering the obligation to make a public announcement under Regulation 11(2) read with Regulation 14(1) of the SAST Regulations within 4 working days from June 06, 2009. However, B.K. Narula HUF (Noticee No: 1), i.e., the acquirer along with persons acting in concert, failed to make the requisite public announcement.
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Source: SecMarx — sebi:ORDER/AK/AS/2022-23/22132-22139. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.